In a principal-agent relationship, a principal delegates rights and duties to be exercised and performed independently by one agent. In a governance context, a group of individual principals delegates rights and duties to one or more governing agents. The governance context typically arises from principals having collectively contributed assets (funds and property) and/or behavioral obligations (rights and duties) into a common pools to be managed by governing agents in a way that delivers maximum possible net benefits to everyone who contributed and committed resources to the common pool arrangement.